Electronics

Best Buy Slows Store Openings

Also gains market share with rival’s closure

Published

15 years ago

March 27, 2009

VMSD Staff

Best Buy (Richfield, Minn.) said it will open 65 new stores during the coming fiscal year, down from 213 store openings in fiscal 2009. The consumer electronics giant disclosed that downsized expansion plan for 45 new U.S. stores and 20 additional international units in its fourth quarter earnings report.

For that period, the company reported sales of $14.7 billion, an increase of 10 percent from a year earlier, and a profit of $570 million, down 23 percent from a year earlier. “We prepared for reduced consumer spending, and we were pleased when the quarter finished stronger than it began,” said Brad Anderson, vice chairman and ceo.

Best Buy also said it is gaining market share after the closure of rival Circuit City Stores Inc.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design